Bitcoin (BTC) Reclaims $97K, Ripple (XRP) Soars by 12% Daily (Market Watch)

The cryptocurrency market has shown some resurgence in the past 24 hours, with numerous leading digital assets charting mild gains. Bitcoin (BTC), for instance, climbed by 1% and surpassed $97,000 again.

Many of the well-known altcoins have performed much better than the primary cryptocurrency. Ripple’s XRP is the most evident example, with its valuation jumping by double digits.

BTC is Slowly Recovering

It has been a rather shaky week for Bitcoin (BTC), whose price fluctuated between under $95,000 and almost $100,000. It traded near the upper mark on February 7, but in the following days, it suffered a severe downfall. 

The price tumbled to its local bottom of less than $95,000 on February 12, shortly after the United States Bureau of Labor Statistics released the Consumer Price Index data for January. The actual inflation rate was higher than expectations which caused the entire crypto market to head south. 

The following day, though, BTC bulls regained control and pushed the valuation to as high as $98,000. However, the rally was short-lived, and the price once again plunged below $95,500. Over the past several hours, though, there has been a new resurgence, and BTC currently trades just north of $97,000.

The asset’s market capitalization is well above $1.9 trillion, whereas its dominance against the alternative coins slightly decreased to approximately 59.6% (per CoinMarketCap’s data).

XRP Shoots Up

As mentioned above, most altcoins have outperformed BTC in terms of daily gains. The biggest rival – Ethereum (ETH) – is up by 1.5%, while Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have witnessed increases of 3% to 5%.

The best performer from the top 20 club today is undoubtedly Ripple’s XRP. Its price soared by 12%, reaching a 10-day high of $2.75. This happened shortly after the US SEC acknowledged Grayscale’s application to convert its XRP Trust into an exchange-traded fund (ETF).

While the sector’s landscape is predominantly green, there are some assets experiencing decreases. Binance Coin (BNB), which was at the forefronts of gains on February 13, is down 5% in the last 24 hours, whereas TRON (TRX) has slipped by 3%.

The total cryptocurrency market capitalization has climbed to $3.23 trillion, representing a 1.5% increase for the day.